Prime
Minister Nawaz Sharif's family and allies have rejected a damaging report by a
judicial body investigating the Pakistani premier's assets, dismissing as
"trash"
allegations that the Sharif family has accumulated wealth far
above its earnings.
The Joint
Investigation Team (JIT), set up by the Supreme Court to investigate corruption
claims that surfaced following the Panama Papers leak, spent two months probing
the Sharif family's wealth and gave its finding to the court on Monday.
The probe
has spooked investors in Pakistan's equity market, with the country's benchmark
index in retreat since June over fears Sharif's removal would plunge Pakistan
back into chaos after years of relative stability.
While the
report was not made public immediately, leaked pages were circulated on social
media and opposition leader Imran Khan demanded Sharif resign following the
findings, which also levelled allegations against his daughter and sons.
"JIT
report REJECTED. Every contradiction will not only be contested but decimated
in SC," tweeted Maryan Nawaz Sharif, the premier's daughter, referring to
Pakistan's Supreme Court.
The report
alleges Sharifs' businesses alone are not enough to explain the family's
wealth, which includes flats in an upscale London borough.
It also
recommended the National Accountancy Bureau (NAB), an anti-corruption agency,
file a case against Sharif, according to Dawn newspaper and other Pakistani
media.
The inquiry
has gripped Pakistanis and, after it was handed to the Supreme Court, the stock
market plunged 3.1 percent early on Tuesday to trade at 44,800 points by 10.10
am (1:10 a.m. ET).
"The
market has taken the suggestions for a NAB (investigation) and the overall JIT
report as a negative," said Saad Hashmey, research director at brokerage
Topline Securities.
"We
expect volatility to continue," he said.
Asif
Khawaja, Pakistan's defense minister and one of Sharif's closest aides, said
the report was "full of flaws" and the ruling PML-N party would
contest the JIT findings in the Supreme Court.
"Its
trash," Khawaja said.
The Supreme
Court will now decide how to proceed with the report and whether to call for a
trial. There were also calls for Sharif to be disqualified.
Sharif has
always denied any wrongdoing over his family allegedly using offshore companies
to buy luxury flats in a posh London neighborhood, and said his family wealth
was acquired legally.
In April,
the Supreme Court ruled that there was insufficient evidence to remove Sharif
from office - by a split 2-3 verdict - on the back of the Panama Papers leaks,
but it ordered further investigations.
The JIT team
comprised members of civilian and powerful military bodies, including the
Inter-Services Intelligence agency. However, the probe became politicized as
Sharif's backers and opponents sparred over the JIT's work and the allegiance
of its members.
Sharif's
allies have alleged there was a conspiracy against him, but opponents say the
premier was trying to use such talk as a smokescreen to cover the serious
allegations he faces.
Khan, the
leader of the opposition Pakistan Tehreek-e-Insaf party, said Sharif "has
now lost all moral authority" and must resign immediately.
Reuters*
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